Broker Action

Office Depot
ODP, -0.99%
was upgraded to outperform from in line at Goldman Sachs on valuation. Analyst Matthew Fassler said there's potential for substantial margin expansion and earnings growth, and said the new chief executive brings the skills needed to improve profitability.

Tribune Co.
TRB, -16.67%
was downgraded to neutral from outperform at CS First Boston due to the media company's disappointing quarterly report. Analyst William Drewry lowered his stock price target to $39 from $48, citing higher risks and the lack of potential positive catalysts.

Analysts at Keefe Bruyette and Woods raised their estimate for Citigroup Inc's
C, +1.04%
full-year 2005 earnings per share to $4.18 from $4.15 to reflect the better-than-expected first-quarter results the bank posted last week.

Bear Stearns upgraded Campbell Soup Co.
CPB, -0.81%
to outperform from market perform, saying it believes higher pricing will stick and help to improve margins. The broker said margins should also benefit from lower input costs in fiscal 2006, higher efficiency on trade promotions and continued productivity gains.

Bank of America Corp.
BAC, +1.07%
reported first-quarter net income of $4.7 billion, or $1.14 a share, up from $2.68 billion, or 91 cents, earned in the same period in 2004. The Charlotte, N.C.-based financial-services giant's quarterly revenue reached $14.02 billion from $9.53 billion. Results for the year-ago quarter didn't include contributions from FleetBoston Financial, the acquisition of which closed April 1, 2004. Analysts, on average, had been looking for earnings of 97 cents a share on revenue of $13.83 billion. Merger-related restructuring charges subtracted 2 cents from the latest quarter's profit, Bank of America said.

Eli Lilly
LLY, -2.16%
said it expects second-quarter earnings of 65 to 68 cents per share. The current average estimate of analysts polled by Thomson First Call is for earnings of 69 cents per share in the June period. For the year, the company forecast earnings of $2.80 to $2.90 per share, a performance it said would represent growth of 69% to 75%. Wall Street's current consensus view is for a profit of $2.83 per share for 2005. Lilly expects sales growth of 8% to 10% for the full year.

Graphics software developer Adobe Systems
ADBE, +1.27%
said it has an agreement to acquire Macromedia
MACR, +0.00%
an Internet and media content applications group, in an all-stock deal valued at $3.4 billion. Terms set a 25% premium for Macromedia shares on Friday, with Macromedia holders to receive 0.69 shares of Adobe for every share of Macromedia. The terms were approved by both boards of directors. Adobe Chief Executive Bruce Chizen will remain CEO; the deal is expected to close in the fall.

Corning Inc.
GLW, +1.19%
said first-quarter results would exceed expectations due to higher-than-anticipated demand for hardware and equipment products, strength at its Dow Corning unit and a lower-than-projected corporate tax rate. The specialty class, ceramic and fiber-optic company now expects earnings of 16 to 17 cents a share on revenue of $1.04 billion to $1.05 billion, vs. its prior earnings estimate of 11 to 13 cents a share and revenue forecast of $980 million to $1.03 billion.

3M
MMM, +2.16%
reported first-quarter earnings of $809 million, or $1.03 a share, up from $722 million, or 90 cents a share, in the same period a year ago, and above the average analyst estimate compiled by Thomson First Call of $1.01 a share. Revenue rose 4.6% to $5.17 billion from last year's $4.94 billion, just shy of analyst forecasts of $5.26 billion. The diversified technology and industrial company said improved efficiency, sales growth and pricing helped overcome slow economic growth in Western Europe and Japan and continued high raw material prices. 3M expects second-quarter earnings of $1.08 to $1.10 a share, vs. analyst projections of $1.08, and reaffirmed its 2005 forecast.

Hasbro Inc.
HAS, +0.52%
reported a first-quarter net loss of $3.7 million, or 2 cents a share, a reversal from the prior year's profit of $6.5 million, or 3 cents a share. The toymaker's overall quarterly revenue came in at $454.9 million, down 4% from $474.2 million a year ago. Analysts, on average, had been looking for a quarterly profit of 4 cents a share on revenue of $488 million.

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